PRESS DIGEST - FINANCIAL TIMES - DEC 15 =8

A deal to create an online media and advertising group aimed at the rapidly expanding internet advertising market has been agreed between rivals TMN TMN.L and Internet Business Group ITNT.L. Under the nil-premium merger, shareholders will receive one new ordinary share in TMN for every 3.765 ordinary shares held in IBG. Based on the respective closing prices on Thursday, the deal values IBG at 12.75 pence a share and the company at 9.84 million pounds. Shareholders in IBG are expected to hold 29 percent of the enlarged company's share capital. IBG's share price was unchanged at 12.75 pence while those in TMN rose a penny to close at 49 pence.

BPD REJECTS 70 MILLION POUNDS APPROACH

A 70 million pounds takeover offer for Bulgarian Property Services from a vehicle thought to be controlled by the currency speculator Joe Lewis has been rejected by the company. Lewis is understood to be the backer behind Windsorville Investments, which has offered 64 pence a share for BPD. The company - which has a net asset value of between 75 pence and 90 pence a share, according to a valuation by Colliers CRE - rejected the offer saying that it "materially undervalues" the company.

Prepared for Reuters by Durrants